Business & Executive

Three types of entrepreneur - which one are you?

By Debbie Reeds | Apr 6, 2020
Debbie Reeds | ACHNET

What do you consider to be the attributes of the entrepreneur?

We usually think of them as driven and risk-taking, and perhaps great at getting businesses started, but not so good at managing them.

Is this a label you identify with?

Realising that there are actually now three types of entrepreneur means, if you feel that you don’t fit the traditional entrepreneur mould, this need not hold you back from creating your business.

The three types of entrepreneur

1. The traditional entrepreneur

The traditional entrepreneur is great at spotting a gap in the market and knowing just how to fill it. They are going about his or her usual activities when it occurs to them:

  • It’d be really great if there was a product or service to make this possible / faster /cheaper or more convenient.
  • I could take this product or service that’s working well in this market place and take it into another one.
  • There’s no-one offering a solution to this problem in this place... yet!
  • This is an opportunity to add value and make money.
  • They are taking in information from their environment and connecting it together in different ways to reveal problems and, more importantly, opportunities to solve them.

    This type of entrepreneur is often in touch with general trends in society, ahead of the game in knowing what products and fashions are becoming popular, and what ones are on their way out. This form of entrepreneurship means stepping out of pre-set, habitual thinking long enough to see situations in fresh ways and come up with creative solutions.

    Whilst this is a specific skill set and approach, the ability for us to see situations in fresh ways is actually open to us all.

    2. The entrepreneur on a mission

    Others starting businesses do so because they feel it is part of their life purpose, calling, personal, or spiritual development. They have been learning about themselves, their passions, and the lifestyle they would love to create. They want to spend more of their time doing what they love and contributing to their communities.